Texas Bitcoin Miners File Lawsuit Against Government Over Energy Data Collection
Oil Price
by Charles Kennedy
2h ago
Bitcoin miners in Texas have filed a lawsuit accusing the Department of Energy of trying to collect data illegally after the department asked that they disclose their electricity consumption. The Texas Blockchain Council called the request “an unprecedented and illegal data collection demand” in a letter sent to the Energy Information Administration at the end of last week.   The EIA backed down and said it would not enforce the mandatory energy consumption survey on the bitcoin miners, instead using data it already had, Bloomberg ..read more
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Argentina Oil Provinces Rebel Against Milei’s Austerity Plan
Oil Price
by Charles Kennedy
2h ago
Argentina’s oil-producing provinces have threatened to cut off oil supply to the rest of the country if the government of Javier Milei goes through with plans to withhold billions in federal tax revenues. "Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," the governor of the southern Chubut province, Ignacio Torres, told a local TV channel, as quoted by AFP. The central government wants to withhold the equivalent of some $15.3 million from Chubut ..read more
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Mexico's President Has Failed to Deliver on Clean Energy Promises
Oil Price
by Haley Zaremba
14h ago
Mexico’s progress on its clean energy transition is headed in reverse. The nation’s greenhouse gas emissions from the energy sector increased by 11% last year to reach a five-year high of more than 175 million metric tons of carbon dioxide (CO2). This climate backtracking stems from a number of causes from failing hydropower plants to years of a tumultuous and petro-aggressive presidential term under controversial President Andrés Manuel López Obrador.  In 2023 Mexico’s hydropower production dropped to 20-year ..read more
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Green Chemistry Breakthrough: Researchers Create Ethylene from CO2
Oil Price
by Brian Westenhaus
16h ago
Engineers at the University of Cincinnati created a more efficient way of converting carbon dioxide into valuable products while simultaneously addressing climate change. The study paper has been published in the journal Nature Chemical Engineering. In his chemical engineering lab in UC’s College of Engineering and Applied Science, Associate Professor Jingjie Wu and his team found that a modified copper catalyst improves the electrochemical conversion of carbon dioxide into ethylene, the key ingredient in plastic and a myriad of other uses ..read more
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Exxon Mulls Sale of Vaca Muerta Shale Assets
Oil Price
by Julianne Geiger
17h ago
ExxonMobil is considering a sale of its Vaca Muerta shale assets in Patagonia and has received several offers of holding already, anonymous Bloomberg sources revealed on Friday. The U.S. oil giant’s assets that will be sold include assets owned as part of a joint venture with QatarEnergy, including seven oil and gas blocks in the Vaca Muerta and holdings in a pipeline. The assets are estimated to be valued at $1 billion, the sources suggested. Argentina’s Vaca Muerta shale formation has been behind a significant increase in oil and ..read more
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Australia Looks To Bolster Oil and Gas Industry Despite Climate Pledges
Oil Price
by Felicity Bradstock
19h ago
Australia has big plans for its oil and gas industry, despite calls from environmentalists to reduce its fossil fuel output. The country’s biggest company, Woodside, is planning to expand its exploration activities in response to the growing energy demand from the Asian market, despite having made ambitious climate pledges in recent years. Santos also plans to go ahead with a major gas pipeline, following the dismissal of a lawsuit from Tiwi Islanders in opposition to the project. And, following a year of several major U.S. megamergers, it ..read more
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Canada Oil Faces Fresh Pipeline Shortage
Oil Price
by Irina Slav
1d ago
For years, Canadian oil producers have been struggling with insufficient pipeline capacity to take their products to buyers. Anti-pipeline policies have been a big reason for that, along with environmental opposition. Now, the same government that has been following the above policies is close to completing the biggest pipeline project in years: the Trans Mountain pipeline expansion. But it seems it may be too little, too late for the industry, with warnings already flashing about a coming capacity shortage. The expanded Trans Mountain will add ..read more
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ExxonMobil's Record Profits Defy Political Expectations
Oil Price
by Robert Rapier
2d ago
The oil industry has historically been politically conservative. In turn, Democratic politicians have often been hostile toward the industry. Nevertheless, oil companies have recorded some of their largest profits during Democratic administrations. For example, neither President Obama nor President Biden was cozy with the oil industry, but the industry profited enormously under both presidents. The primary driver of oil company profits is simply the price of oil. If a president takes actions that drive oil prices higher, that will likely drive ..read more
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U.S. Utilities Under Fire for Failing to Mitigate Wildfire Risk
Oil Price
by Felicity Bradstock
2d ago
There have been calls on the U.S. government and the country’s utilities to vastly improve its energy infrastructure to tackle the potentially devastating effects of severe weather events. Climate change has exacerbated extreme weather and natural disasters in recent years, which has hit U.S. energy infrastructure hard. Wildfires in California and winter storms in Texas have led to weeks-long power outages. Now, advocacy groups across the U.S. are accusing utilities of neglecting their role in protecting the public by not doing enough to ..read more
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China’s Aluminum Sales to EU Plunge 30% Due to New Carbon Tariff
Oil Price
by Metal Miner
2d ago
Via Metal Miner Earlier this week, the China Nonferrous Metals Industry Association reported a 30% decline in the volume of aluminum products exported from China to the European Union. Aluminum manufacturing analysts quickly pointed out that this most likely resulted from the bloc’s 2023 carbon border tariff. The EU’s Carbon Border Adjustment Mechanism (CBAM) represents a new way to establish an equitable cost for the carbon emissions stemming from the manufacture of carbon-intensive goods imported into the EU. That said, the aim is ..read more
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